According to breaking news, cryptocurrency bills have cleared procedural hurdles in the House of Representatives.
Following procedural setbacks earlier this week, the US House of Representatives has resumed its efforts to advance landmark legislation on cryptocurrency regulation. In a vote today, House members voted 215-211 to advance the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS), which would establish a framework for stablecoin regulation in the US.
The GENIUS bill aims to establish a legal and regulatory foundation for stablecoins. It is expected to reach President Donald Trump's desk this week. The House of Representatives has also voted to vote on the Digital Asset Market Clarity Act (Clarity), which covers the crypto market as a whole. Clarity aims to provide a legal framework that will clarify the division of authority between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating crypto assets.
However, another bill is also up for a vote that would prevent the Fed from issuing central bank digital currency (CBDC) directly to individuals.
No Democrat in the House voted “yes” on these bills. At a press conference this morning, Democrats reacted strongly to the bills. Maxine Waters, the ranking Democrat on the House Financial Services Committee, called Clarity and GENIUS “two of the most dangerous bills,” saying:
“These bills are a gift-wrapped invitation for Trump to continue his crypto scam at full speed.”
*This is not investment advice.
